AnswersVT-GA-EOC-Personal Finance Economics B ULHSTrade Agreements

Trade Agreements — Unit test Answers

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21
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Which statement best describes how globalization connects the world?

A
Globalization helps create new forms of transportation, communication, and technology.
B
Globalization helps expand old forms of transportation, communication, and technology.
C
Globalization helps mandate new forms of transportation, communication, and technology.
D
Globalization helps share old forms of transportation, communication, and technology.
22
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Which region is most likely to export bananas to the United States?

A
Europe
B
Central America
C
Middle East
D
Asia
23

The United States is said to have an absolute advantage in producing food compared with Japan. What does that mean?

A
It must import most of its food from Japan.
B
It produces food more efficiently than Japan.
C
It produces food at a higher cost than Japan.
D
It must export most of its food to Japan.
24

What is the benefit in reaching the absolute advantage in the production of one good?

A
to produce more units of a good than other countries
B
to produce fewer units of a good than other countries
C
to produce more units of a good while using fewer resources
D
to produce fewer units of a good while using fewer resources
25

The graph shows gross domestic product in the US private sector from 2009 to 2017.

Question illustration
T
The economy suffered a setback in 2009 before rebounding in 2011.
T
The economy suffered a setback in 2009 before rebounding in 2010.
T
The economy suffered a setback in 2009 and had not recovered by 2011.
T
The economy suffered setbacks in the years 2009, 2010, and 2011.
26

Aging populations can be a problem for developed countries because

A
there are fewer younger workers coming into the workforce.
B
most older workers demand top-level pay and full benefits.
C
many older people are skilled in manufacturing, not technology.
D
younger workers cannot find jobs when older people work longer.
27

One factor that indicates a developed economy's standard of living is its

A
growth in outsourcing rates.
B
strong social connections.
C
high levels of education.
D
low GDP per capita.
28

"GDP per capita" means that the GDP is calculated per

A
country.
B
day.
C
dollar.
D
person.
29

Read the conclusion to an informative essay about globalization in China.Globalization has led to economic growth in China, and these changes have in turn led to rising populations and growing industrialization. Data demonstrates that air-pollution levels have grown in many major cities because of these changes. While this growth has led to many improvements in China’s economy, the problem of air pollution must be solved in the future.Which statement best explains why this conclusion is effective?

A
It restates evidence briefly and provides a final opinion.
B
It restates evidence briefly and establishes a new thesis.
C
It cites sources properly and provides a final opinion.
D
It cites sources properly and provides clear examples.
30

Read the sentence from an informative essay about globalization in China.Pollution levels in Beijing are improving in some ways thanks to government programs.What would most improve the sentence?

A
adding facts and evidence
B
removing “in Beijing”
C
adding clearer language
D
removing “in some ways”
31

The purpose of an outline for an informative essay is to

A
explain the essay’s structure.
B
cite research materials.
C
use effective language.
D
include strong paragraphs.
32

What is the most common reason why countries create trade agreements?

A
to limit imports
B
to create free trade
C
to establish quotas
D
to decrease trade
33

When revising an informative essay, it is important to consider

A
the topic and language.
B
the topic and narrative.
C
the argument and language.
D
the outline and language.
34

According to this quotation, what did President Ronald Reagan believe about economic growth?"We should be trying to foster the growth of two-way trade, not trying to put up roadblocks, to open foreign markets, not close our own.”

A
Increased trade barriers would help the economy.
B
Free trade associations would limit competition.
C
Increased fair trade would help the economy.
D
Trade barriers would help make trade more fair.
35

What steps must countries take to transition to a mixed-market economy? Check all that apply.They must establish state-owned businesses.They must decrease private ownership.They must establish a fair labor market.They must discourage foreign investment.They must open up trade to other countries.

A
They must establish state-owned businesses.
B
They must decrease private ownership.
C
They must establish a fair labor market.
D
They must discourage foreign investment.
E
They must open up trade to other countries.
36

Which situation might cause a country to specialize?

A
bananas grown far from major transportation
B
seafood in an area with few fishing vessels
C
electronics in a city with few trained workers
D
wheat production in a region with fertile soil
37

Which best describes what a subsidy does?

A
It keeps the price of domestic goods relatively low.
B
It raises the price of imported goods.
C
It encourages the import of foreign goods.
D
It eliminates all taxes on domestic goods.
38

Which trade organization is responsible for 90% of the world’s trade?

A
the EU
B
ASEAN
C
the WTO
D
NAFTA
39

How can a nation benefit from effectively exporting its goods?

A
Its citizens can buy cheaper goods.
B
Its businesses can invest in the future.
C
Its domestic spending increases.
D
Its citizens have more money.
40

Tariffs and subsidies are both examples of

A
monetary restrictions for the domestic producer.
B
economic benefits for the consumer.
C
economic benefits for the international producer.
D
incentives—one positive and one negative.

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